Jammu, May 7 (KNN) Jammu and Kashmir (J&K), Lieutenant Governor, Manoj Sinha has approved Rs 250 crore Interest Subvention, which is part of economic package for revival of business and industry in J&K.

He handed over a cheque for the amount to the J&K Bank on Thursday in the presence of Arun Kumar Mehta, Financial Commissioner, Finance Department and RK Chhibber, Chairman and MD J&K Bank.

According to an official statement, J&K government has already released Rs 500 crore so far, and on Thursday another instalment of Rs 250 crore as 5 per cent Interest Subvention was released as part of the overall package of Rs 1353 crore.

The Interest Subvention has so far provided relief to 3.44 lakh borrowers in the current COVID-19 crisis, the statement added.

The government had announced a mega Relief and Revival Package of Rs 1353 crore on September 19th, 2020 to help business in J&K to tide over the COVID-19 crisis and other difficulties.

The business revival package involved relief measures, both financial and non-financial, aimed primarily at the sectors which had been most affected by the ongoing situation so as to achieve sustainable and continued growth.

''Apart from Interest Subvention, Local and MSME filters have also been operationalised on GeM enabling all departments in J&K to procure Goods and Services from the local manufacturers,'' the statement added.

Sinha said that in future, the government will continue to take further steps to boost the economy of J&K and help people to overcome the difficulties with due attention to the Business Community.